Spain capital – Jaca Huesca Sat, 26 Jun 2021 03:02:16 +0000 en-US hourly 1 Spain capital – Jaca Huesca 32 32 Wall lights market and ecosystem, current trends, technological improvements (Capital Lighting, Eurofase, George Kovacs, Hinkley Lighting, etc.) Fri, 25 Jun 2021 23:28:06 +0000

The global wall mounted luminaires market report provides information by key players, geography, end users, applications, competition analysis, sales, revenue, price, gross margin, market share, import-export, trends and forecast.

Initially, the report provides a basic overview of the industry including definitions, classifications, applications, and industry chain structure. The Wall Lights market analysis is provided for the international markets including development trends, competitive landscape analysis, and key regions development status.

Effect of COVID-19: The Wall Lights Market report studies the effect of Coronavirus (COVID-19) on the wall lights industry. Since December 2019, the COVID-19 infection has spread to nearly 180+ countries around the world, with the World Health Organization declaring it a general well-being crisis. The global effects of the Covid 2019 infection (COVID-19) are now starting to be felt, and will primarily influence the wall mounted lighting market in 2020

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Global Wall Mounted Light Market competition by major manufacturers, with production, price, revenue (value) and market share for each manufacturer.

The best players are Capital Lighting, Eurofase, George Kovacs, Hinkley Lighting, Hudson Valley, Kichler, Maxim Lighting, Minka, Nuvo Lighting, Possini Euro Design, Progress Lighting, Quoizel, Sea Gull Lighting, Thomas Lighting, Trans Globe Lighting.

The report is segmented by Type I, Type II types and by Application Application 1, Application 2 Market segmentation, by regions: North America (United States, Canada), Europe (Germany, France, United Kingdom, Italy, Russia, Spain, Netherlands, Switzerland, Belgium), Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Vietnam), Middle East and Africa (Turkey, Saudi Arabia, United Arab Emirates , South Africa, Israel, Egypt, Nigeria), Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru) Reasons for obtaining this report :, From an overview perspective, this research report has devoted several amounts of ‘analysis – industrial research (Global Industry Trends) and Analysis of the Wall Lights Market share of major players, along with company profiles, and which collectively include the fundamental views regarding the market landscape, sections emerging and fast growing e of the Wall Lights Market, high growth regions and market drivers, restraints, and also the market chance., The analysis covers the Wall Lights Market and its advancement across different verticals as well as regions . It aims to estimate the current market size and growth potential of the global wall mounted luminaires market in sections such as applications and representatives. Further, the analysis also contains a comprehensive review of the crucial Wall Mounted Light market players alongside their business. profiles, SWOT analysis, latest advancements and business plans. The report provides information on the following pointers: 1.North America, Europe, Asia-Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of the wall lighting industry., 2. Global major manufacturers? ? Operating situation (sales, revenue, growth rate and gross margin) of Wall Light industry., 3. Global major countries (USA, Canada, Germany, France, UK, Italy, Russia, Spain, Netherlands, Switzerland, Belgium, China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Vietnam, Turkey, Saudi Arabia, United Arab Emirates, South Africa, Israel, Egypt, Nigeria, Brazil, Mexico , Argentina, Colombia, Chile, Peru) market size (sales, revenue and growth rate) of Wall Lights industry., 4. Different types and applications of Wall Lights industry, market share of each type and application by revenue., 5. Global market size (sales, revenue) forecast by regions and countries from 2020 to 2026 of Wall Light industry., 6. Raw materials and manufacturing equipment upstream, main downstream consumers, industrial chain analysis of Wall Lights Industry., 7. Key Factors Influencing Market Growth, Opportunities, Challenges, and Risk Analysis of Wall Lights Industry., 8. New Investment Project Feasibility Analysis in the wall lighting industry.

The report presents basic information of Wall Mounted Lights including definition, classification, application, industry chain structure, industry overview, policy analysis, and market analysis. news. Insightful predictions for the Wall lights market for the coming years have also been included in the report.

Development policies and plans are discussed as well as manufacturing processes and cost structures are also analyzed. This report also shows import / export consumption, supply and demand figures, costs, prices, revenues and gross margins.

The report focuses on the major global wall mounted luminaires market players providing information such as company profiles, product image and specifications, capacity, production, price, cost, revenue and contact information. Upstream raw material and equipment and downstream demand analyzes are also performed.

The global Wall Lights market development trends and marketing channels are analyzed. Finally, the feasibility of new investment projects is assessed and general research conclusions are proposed.

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Main points of the table of contents

1 Market Overview for Wall Lights

2 Global Wall Mounted Light Market Competition by Manufacturers

3 Global Wall Lights Capacity, Production, Revenue (Value) by Region)

4 Global Wall Lights Supply (Production), Consumption, Export, Import by Region

5 Global Wall Lights Production, Revenue (Value), Price Trend by Type

6 Global Wall Mounted Lights Market Analysis by Application

7 profiles / analyzes of global manufacturers of wall lights

Analysis of manufacturing costs for 8 wall lights

9 Industrial chain, sourcing strategy and downstream buyers

10 Analysis of the marketing strategy, distributors / traders

11 Analysis of market effect factors

12 Global Wall Lights Market Forecast

13 Research findings and conclusion

14 Annex

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Adevinta ASA (ADE) – Registration of the capital increase Fri, 25 Jun 2021 11:22:48 +0000


Oslo, June 25, 2021 – Reference is made to the stock market notice of June 25, 2021 regarding the completion of the acquisition by Adevinta ASA (“Adevinta” or the “Company”) of eBay Classifieds Group and the issuance of ‘actions by the Company for certain of the subsidiaries of eBay Inc. as part of the consideration for the acquisition.

The capital increase related to the issuance of shares has been registered in the Norwegian Register of Commercial Enterprises, as a result of which the total share capital of the Company is NOK 244,988,596.20 divided into 1,027,422,753 shares. class A with voting rights and 197,520,228 class B shares without voting rights, in total 1,224,942,981 shares, each with a nominal value of NOK 0.20. Class A shares represent NOK 205,484,550.60 and class B shares represent NOK 39,504,045.60 of the total share capital of the Company. Class B shares will not be listed on the Oslo Stock Exchange, but will be exchangeable for class A shares on a one-for-one basis under the terms and conditions set forth in the amended articles of association of the Company.


Notes to editor

Media contacts

Melody Laroche
Business communication
+33 (0) 6 84 30 52 76

Marie de Scorbiac / Anne-Sophie Jugean
Investor Relations

About Adevinta
Adevinta is a global specialist in online classifieds, operating digital marketplaces in 16 countries. The company provides technology services to connect buyers with sellers and to facilitate transactions, from job listings to real estate, cars, consumer goods and more.
Adevinta’s portfolio spans over 40 digital brands, covering one billion people and attracting around three billion monthly visits on average. Major brands include leboncoin at the top of the rankings in France, leading classifieds sites in Germany and eBay Kleinanzeigen, Marktplaats in the Netherlands, Kijiji in Canada, fotocasa and InfoJobs in Spain, and 50% of OLX Brasil , a fast growing company. Adevinta is a spin-off of Schibsted ASA and listed on the stock exchange in Oslo, Norway in 2019. Adevinta employs 6,300 people committed to supporting users and customers on a daily basis. Learn more at

This information is subject to disclosure requirements in accordance with Section 5-12 of the Norwegian Securities Law.

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Spain have passed Slovakia five times to face Croatia Thu, 24 Jun 2021 06:17:01 +0000

SEVILLE, Spain, June 23Spain finally took off at Euro 2020 after a 5-0 pounding Slovakia on Wednesday sent them as Group E finalists, with Croatia their opponents in the round of 16.

Luis Enrique described his side as a bottle of cava on the verge of being busted and they certainly exploded in Sevilla, where a scoring frenzy was cathartic and could prove to be yet transformative for their chances in the knockout stages.

Spain were even on the verge of winning their group until Viktor Claesson scored in the 94th minute against Poland to secure the top spot for Sweden. Slovakia finished third and were eliminated.

“It’s obviously a relief, not only for me, but what it means when you insist on the same ideas and can get results,” said Luis Enrique. “The result comes at the best time and prepares us for what will follow. ”

After two tension-filled draws against Sweden and Poland, Spain had to scramble to qualify, Luis Enrique admitting he would have taken any position in the squad as long as it meant passing.

But Spain went wild at La Cartuja, their initial anxiety reinforced by Alvaro Morata’s missed penalty, then quickly eased by two terrible mistakes from Slovak goalkeeper Martin Dubravka.

The first was an own goal that will surely go down as one of the weirdest moments of the tournament before another Dubravka mistake saw Aymeric Laporte come into play.

With the chains removed, Spain went wild in the second half as Pablo Sarabia, Ferran Torres and another home side goal of Juraj Kucka confirmed an emphatic victory, although Croatia and Luka Modric will provide a test much. more severe next week.

Publicity. Scroll down to continue reading.

Luis Enrique made four changes, with Sarabia being the one who made the biggest impression after entering the top three.

Sergio Busquets, who missed the first two games after testing positive for Covid, made his first appearance of the tournament.

“There are times when you have a bit of a blockage and sometimes you just stir the hornet’s nest,” Luis Enrique said. “We have 24 desperate players to play.”

Spain monopolized the ball in the first half but for 30 minutes it was a familiar story of missed chances and growing frustration.

Spain received a penalty as Jakub Hromada cleared but instead hit Koke’s leg.

Morata had postponed the shot on goal to Gerard Moreno against Poland and this time took matters into his own hands, only to whip the ball to a comfortable height for Dubravka to return to his right. This is the fifth consecutive penalty that Spain has missed.

– Dubravka’s nightmare –

They may have collapsed but rather persevered, although both Sarabia and Pedri kicked in the air before Dubravka finally stepped in to give them a hand.

Lubomir Satka’s scuffed clearance landed directly on Sarabia, whose diving shot struck the top of the crossbar and flew upward. Dubravka was below and as he tried to knock the ball over his own crossbar he only managed to smack it into his own net.

Publicity. Scroll down to continue reading.

Spain breathed a sigh of relief and just before half-time they doubled down. Dubravka was at fault again, this time coming out only to see Moreno pull the ball away from him in the box and cross him again. Laporte brilliantly managed to curl his head in the top corner.

Slovakia threw Michal Duris and Stanislav Lobotka at half-time but Spain were released and in 10 minutes it was three. This time it wasn’t a mistake but a skillful move that made it, Jordi Alba falling back on Sarabia, who veered around the corner.

Morata came out when he might have wanted to stay and his replacement scored almost on his first touch, Torres applying a superb blow to Sarabia’s cross at the near post.

It got worse for Slovakia, with a scuffle in the box resulting in Kucka hacking Pau Torres’ header into his own net for a fifth. Spain were briefly in the lead, only for Sweden to snatch a winner.

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Sánchez’s bet is the “best opportunity” of the decade to defuse the Catalan dispute Wed, 23 Jun 2021 04:00:32 +0000

No sooner had Pedro Sánchez arrived at Barcelona’s Liceu opera house to announce the pardon of nine Catalan separatists than the obstacles to his attempt to defuse Spain’s most controversial political conflict became evident.

The supporters of the independence of Catalonia have barricaded the socialist prime minister. Leaders of the region’s separatist administration refused to attend his speech, calling for a broader amnesty and an independence referendum. Meanwhile, in Madrid, the capital of the central government, right-wing politicians called him a “traitor” who had yielded to the “coup plotters”.

And yet Sánchez’s political gamble – which has received backing from leading figures in business and the Catholic Church – could be a rare chance to move forward on Spain’s biggest unresolved problem, some analysts suggest.

“This is the best opportunity on the Catalan conflict for at least a decade,” said Oriol Bartomeus, political scientist at the Autonomous University of Barcelona.

National and regional governments are now ruled by parties promising to seek dialogue rather than confrontation, he noted, adding that Sánchez’s decision had opened “a path to dialogue, but the forces within it. opposites are very strong ”.

Sánchez’s government argues pardons can suck the poison from the Catalan conflict, which rocked Spanish politics for more than a decade and left the region itself in stasis, with a pro-independence administration and an almost equally divided population. between separatists and trade unionists.

This state of affairs complicated the formation of any stable government in Madrid – in part due to the swinging votes of separatist MPs – and led to an illegal secessionist referendum in 2017. This in turn triggered a failed unilateral declaration of independence. , as well as prison sentences for the nine politicians and activists that Sánchez’s government partially pardoned on Tuesday.

Catalan regional president Pere Aragonès said the pardons were “inadequate and incomplete” © Quique Garcia / EPA-EFE / Shutterstock

Sánchez argued that his decision was necessary to move the dispute from the legal realm to the political realm, noting that “millions of Catalans feel an emotional connection with the jailed leaders”.

Pardoned prisoners include Oriol Junqueras, who heads the party that runs the regional administration, the Catalan Republican Left or ERC – which also frequently helps the prime minister win votes in the national parliament. But if Sánchez’s bet does not bear fruit, he and his minority government will be weakened.

Success is anything but guaranteed, according to Astrid Barrio, an academic at the University of Valencia, who highlights three fronts on which Sánchez’s efforts could be crushed: the political, the judicial and the bureaucratic.

Opponents of pardons outnumber supporters – and the center-right People’s Party is challenging them in court, according to a poll.

In addition, many activists, separatists and trade unionists, reject the dialogue Sánchez hopes to engage: some two years of talks that could end with an agreement on greater autonomy.

The most important response could come from the ERC, which the Socialists of Sánchez – another center-left party – see as a promising interlocutor.

But the reaction this week from Pere Aragonès, the ERC politician who heads the Catalan government, was less than exuberant: he called the pardons “inadequate and incomplete”. He added: “The crackdown on Catalan citizens goes much further” – a reference to Spanish legal and administrative actions.

Spain is still asking for the extradition of exiled separatist leaders involved in the 2017 referendum, including Carles Puigdemont, the head of the regional administration at the time who now lives in Belgium. Lawsuits continue against dozens of lower level figures involved in the events of 2017.

Administratively, Spain’s Court of Auditors is set to demand next week that around 40 former Catalan officials repay millions of euros in regional government funds they say were wrongly used to promote independence – and to seize assets if they do not comply.

Among those facing such a prospect is Andreu Mas-Colell, a former Harvard economics professor who received support from 33 Nobel Prize winners.

The dispute made waves abroad: Monday, the parliamentary assembly of the Council of Europe put Spain on hold with Turkey, calling for an end to the prosecution and expressing concern over the court’s actions.

Former Catalan separatist leaders, including Oriol Junqueras (front row, right) during their trial in 2019 © Emilio Naranjo / POOL / AFP / Getty

The Spanish government accused the assembly of turning a blind eye to the country’s fundamental separation of powers. But he is already proceeding on one of the main recommendations of the council: to revise the law on sedition, an offense for which the nine detainees were found guilty.

Typically, Sanchez’s government argued that there was no alternative to negotiations for a country and region that grew weary of conflict.

Business figures make a similar argument after years in which instability in Catalonia has put Madrid ahead of Madrid as the main contributor to Spain’s gross domestic product, as thousands of businesses have moved. their head office outside the region.

“The conflict may be resolved in 10 years, but the dispute is no longer so heated and greater political stability has considerable economic value,” said Javier Faus, a Spanish private investor and director of Cercle d’Economia. , a business-oriented Catalan think tank.

“You can already see it,” he added. “After three and a half years, the money markets, the institutions, have ruled out the possibility of independence happening; they understand that Catalonia is not going to leave Spain.

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Italy and Portugal reinforce containments again: DONG-A ILBO Sun, 20 Jun 2021 22:26:15 +0000

European countries that have relaxed Covid-19 restrictions are stepping up quarantine measures again as cases have skyrocketed due to the spread of the Delta variant that originated in India.

According to Reuters and other media, the Portuguese government has imposed a curfew in the capital Lisbon until Sunday (local time) amid a peak in transmission of the Delta variant. As a result, residents of Lisbon were not allowed to leave the capital without an urgent reason from Thursday to Sunday.

On the highways around Lisbon, police officers were frequently seen stopping vehicles and asking motorists the purpose of their trips, media reported. In Portugal, the number of new confirmed cases fell to the level of 100 at the beginning of last month, but the number started to rise again in June to exceed 1,000 cases per day for four consecutive days from June 16 to 19. This is the first time in about three months since March 6 that the number of confirmed cases has exceeded 1,000. “More than 60% of new confirmed patients are infected with the Delta variant,” said the health authority. “The upward trend in confirmed cases coincides with the admission of British tourists to the country from May 17th.”

The Italian government has started reimposing a mandatory five-day quarantine on inbound travelers from the UK from Saturday. Italy began allowing non-quarantine arrivals for tourists from the UK on May 15, but the country has again stepped up quarantine measures as 16% of confirmed cases have been caused by the Delta variant. The Financial Times reported that France, Germany, Spain and Belgium have stepped up quarantine measures or decided to delay the planned lifting of lockdowns. The UK has reported more than 10,000 confirmed cases for three consecutive days until Saturday, and experts say the country has indeed entered the third wave of outbreaks. European Union leaders plan to discuss countermeasures for the spread of the Delta variant at their summit on Thursday and Friday.

Youn-Jong Kim

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Germany beat Portugal at Euro 2020 as France and Spain held on Sat, 19 Jun 2021 21:45:00 +0000

Paris (AFP), June 18 – Germany breathed life into their Euro 2020 campaign with a stunning 4-2 victory over title-holders Portugal in Munich on Saturday, despite Cristiano Ronaldo closing in on the all-time international goalscoring record, after world champions France were forced to settle for a draw with Hungary.

Spain also stumbled on Saturday in a 1-1 draw with Poland in Sevilla as the tournament’s second round of group matches drew to a close.

Germany knew that a loss to Portugal at the Allianz Arena would leave them on the verge of being knocked out of Group F already, after their failure to make it past the group stage of the 2018 World Cup.

Portugal would have qualified for the round of 16 with a victory and Ronaldo put them ahead.

It was the 36-year-old’s record 12th goal in the European Championship final, and also his 107th international goal in his 177th appearance for his country.

That leaves him just two steps from the all-time international record, set by Ali Daei who has scored 109 times for Iran.

However, Germany turned the tide before half-time as Ruben Dias and Raphael Guerreiro both scored their own.

Robin Gosens let Kai Havertz make it 3-1 just after half-time and then score the fourth goal himself.

Jota pulled out another for Portugal, but the loss jeopardizes their chances of making the round of 16, just as Germany now has the knockout stage in sight.

“We have the right to feel a little euphoria,” admitted German Thomas Mueller.

Publicity. Scroll down to continue reading.

– Griezmann saves France –

Pre-tournament favorites France were foiled by Hungary in the intense heat and a hostile crowd of nearly 56,000 in Budapest, having to come back from behind to draw 1-1.

In the only Euro 2020 venue with no capacity restrictions due to Covid-19, Attila Fiola gave the hosts a shock lead in the first-half stoppage time.

But Antoine Griezmann, winner of the Golden Boot at Euro 2016, equalized in the 66th minute as an unconvincing France avoided a first defeat in competition since June 2019.

“One point is not what we expected from this match but we will take it under the circumstances,” admitted French coach Didier Deschamps.

The Blues lead the group with four points, one ahead of Germany and Portugal, Hungary at the bottom with one point.

France therefore only needs a draw against Portugal on Wednesday to qualify, but the Portuguese run a real risk of being eliminated in the event of a defeat and Germany avoids the defeat against Hungary.

Qualifying remains a long shot for the Hungarians but their striker Fiola said it was “one of the best days of my life, if not the best”.

– Missed penalties cost Spain –

Spain are still looking for a first win after being held to a 1-1 draw by Robert Lewandowski’s Poland at La Cartuja.

Alvaro Morata put the 2008 and 2012 European champions ahead in the first half, but skipper Lewandowski equalized Poland after the break.

Publicity. Scroll down to continue reading.

Spain could have won anyway, but Gerard Moreno hit the post from the penalty spot.

Luis Enrique’s side are third in Group E with just two points and have to beat Slovakia in their last game to be sure to pass. Poland only has one point.

“We’re a bit unlucky,” said Spain captain Jordi Alba. “We’re doing it right and we’re going to turn things around, I’m sure.

Meanwhile England manager Gareth Southgate said he was not complaining about the furious reaction from fans who booed them after they were held to 0-0 by their Scottish rivals on Friday.

Southgate’s squad were taunted at the final whistle at Wembley after landing just one shot on target, although they remain on track to qualify for Group D.

“It’s a tournament and it’s essential when you can’t win so you don’t lose,” Southgate said.

“It sure looks tough in the last 15 minutes of a game where the fans desperately want you to go ahead and give up all form because of course it’s Scotland, it looks like a once in a lifetime opportunity.”

Wales face Italy in Rome on Sunday when a draw secures their progress to the knockout stages of Group A.

This result would also see Italy take first place.

Wales will qualify even in the event of a loss provided Switzerland does not beat Turkey in Baku.

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Africa’s ‘forest fire of terrorism’ on the march – Kelowna Capital News Fri, 18 Jun 2021 21:30:00 +0000

A senior US general warned on Friday that the “terrorist forest fire” was sweeping across a swath of Africa and needed the world’s attention. He spoke at the end of the large-scale war games led by the United States with American, African and European troops.

The African Lion War Games, which lasted nearly two weeks, spread across Morocco, a key US ally, with smaller games being held in Tunisia and Senegal. Annual exercises were skipped last year due to the COVID-19 pandemic.

General Stephen J. Townsend, head of the US Africa Command, praised the work being done in the joint operations and painted a grim picture of the threats besetting parts of Africa.

“I am concerned about the security situation in a strip of Africa,” from the Sahel region in the west to the Horn of Africa, Townsend told reporters. He noted deadly attacks by jihadists linked to al-Qaida and the Islamic State and al-Shabab. “They are all on the move,” he said.

African neighbors are helping governments deal with the threat, but, he added, “all of this does not seem enough to stop what I call … (the) terrorist forest fire sweeping this region” .

The African Lion has seen more than 7,000 troops from seven countries and NATO jointly conduct air, land and sea exercises.

“This has contributed to our interoperability, to our joint capabilities and has provided preparation and a good opportunity to strengthen cohesion between the forces,” said Major General Andrew Rohling, Commander of Task Force South Africa of the US Army. He spoke on Friday in the desert town of Tan-Tan.

There was a hitch early on, with Spain pulling out of the war games for budgetary reasons. Press reports attributed the move to Spain’s poor relations with Morocco, a former key partner.

The two countries have been at loggerheads since Spain recruited the leader of the Polisario Front independence movement – Morocco’s number one enemy – for COVID-19 treatment in a Spanish hospital earlier this year. The Polisario is fighting for the independence of Western Sahara, a vast region that Morocco claims as its own.

During the exercise, Morocco conducted airborne operations near Western Sahara and not far from the Polisario refugee camps in Tindouf, neighboring Algeria.

“These activities were perfectly carried out and agreed between the two armies,” Moroccan Brigadier General Mohammed Jamil told The Associated Press.

Townsend, asked if any action has spilled over into the disputed Western Sahara, was adamant: “I can confirm that is not the case. “

The countries participating in the African Lion were the United States, Morocco, Tunisia, Senegal, Italy, the Netherlands and Great Britain. Observers from countries such as Egypt, Qatar, Niger and Mali were also present.

—Mosa’ab Elshamy, The Associated Press


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Acciona IPO Withers Under Green Power Discount Fri, 18 Jun 2021 09:23:00 +0000

Acciona Windpower’s 1.5 MW wind generators are seen at Tatanka Wind Farm as the coronavirus disease (COVID-19) outbreak continues in Brandt, South Dakota, United States, on October 27, 2020. REUTERS / Bing Guan – RC2DRJ9H7AMM

LONDON, June 18 (Reuters Breakingviews) – The IPO of Spain’s Acciona (ANA.MC) has blown a fuse. On Thursday evening, the Madrid-listed infrastructure company said it read plus an indicative price range for the planned spin-off of its wind and solar unit. At mid-term and debt included, the activity is valued at 12.4 billion euros. That’s about 2 billion euros less than what business advisers including Citi, Morgan Stanley, JPMorgan and Goldman Sachs had mentioned.

A liquidation of green energy shares since January is part of the reason for the surrender, as is the continued control of the Entrecanales family. Assuming 2020 EBITDA of EUR 859 million increases by 13% this year, Acciona Energía, as the spawn is called, would be valued at around 13 times EBITDA over time, lower than its peers EDP Renováveis ​​( EDPR.LS) and Orsted (ORSTED.CO), which trade on average around 16 times, according to data from Refinitiv. Like its rivals, however, Acciona has an impressive track record and ambitious plans to nearly double its capacity to 20 gigawatts by 2025. This could lead to a longer-term surge. (By Christophe Thompson)

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EU’s next-generation issue will strengthen euro reserve status Wed, 16 Jun 2021 14:58:06 +0000

The Next Generation European Union fund has exceeded all expectations with the first bond deal for its € 800 billion program, launched on June 15, prompting issuers, investors and bankers to announce its potential impact on capital markets of the euro.

The deal attracted an order book of more than 140 billion euros over a 10-year period, encouraging next-generation EU borrowers to increase the size of the bond issue to 20 billion euros. euros compared to initial expectations of around 10 to 15 billion euros. The deal’s main managers – a group that has sparked much speculation over the exclusion of some of Europe’s biggest bond houses – have signaled orders from more than 600 investors around the world.

A group of market participants, speaking at a panel at an AFME / OMFIF event on European financial integration on the day the bond was issued, said they were excited not only by the reception of the agreement, but also by the positive implications to more a safe asset and a cornerstone of global financial markets.

Kalin Anev Janse, CFO of the European Stability Mechanism, welcomed a new member of the borrowers club “Team Europe”, joining the European Investment Bank and the ESM itself. The issuance of NGEU would help bring the pool of safe euro assets to around € 2 billion from € 1 billion, not only generating more liquidity, but also “bringing a lot of investor confidence, thanks to the positive EU response to the pandemic, ”Janse said.

MES saw it on its own recent show. “The perspective of international investors on the euro is changing,” Janse said. “In the last two or three years we’ve seen more central banks buy euros. Last year, 44% of ESM’s bonds were sold to central banks around the world. ‘

Fears that European national governments will see their access limited by the EU’s new issue have been exaggerated. In fact, the opposite could be true, according to Pablo de Ramón-Laca, director general of the Treasury and financial policy at Spain’s Ministry of Economic Affairs. “Away from foreclosure, we think we can be crowded by the NGEU show. This type of issue strengthens the euro’s safe asset status and attracts more large international investors who wish to buy European sovereign debt. It is a historic event.

Leonique van Houwelingen, managing director of European activities at BNY Mellon, warned that more work needs to be done in the euro area to promote the single currency as an attractive safe asset for global investors. “Do we have the infrastructure to foster liquid markets across Europe? Not without banking and capital markets union. We need to break down the barriers and complexities that remain in 27 different jurisdictions. ‘

Since its creation over 20 years ago, the euro has struggled to strengthen its role as an international reserve currency. When national currencies were merged, they represented about 20% of world reserves. In the first decade of its existence, the euro soared to around 27% of global reserve holdings. But the eurozone crisis pushed the currency back as a safe asset, falling back to a level of around 20%, where it remains today.

Michala Marcussen, group chief economist at Société Générale, said that while the NGEU fund was currently a temporary facility, with a mandate to raise funds until 2026, “the issuance of a first bond of this size is important “. I hope that this instrument will form the foundations of a safe, deep, liquid and continuous asset for the euro. ‘

Frank Scheidig, global head of senior management banking at DZ Bank, suggested that the successful launch of NGEU could provide the necessary impetus for the European project. “This is one of the steps we must take if we want to achieve carbon neutrality. If Europe wants to be significant, and a leader in this field, we can no longer waste time. We need the union of banks and capital markets.

Vítor Constâncio, former vice-president of the European Central Bank, said the NGEU program was a “game changer”, especially in the way its proceeds will be distributed. “I hope this will be a first step towards something more meaningful in terms of CMU. We need a market of EUR 3-4 billion for the euro to have the depth and liquidity of a safe asset around which the future of the euro area can be built.

De Ramón-Laca congratulated the NGEU fund borrowing team for the way they brought the deal to market and set up the issuance plan. “I must congratulate the Commission team. They have always behaved like a debt management office, setting up a prime dealership and creating a level playing field to provide liquidity, ”he said. He also expressed hope that the EU would continue to issue after 2026. “This is a temporary facility, but it can be interpreted as a pilot program – and a chance to show that a common goal can be used to induce growth. If so, it would be natural to continue. This is our opportunity to be missed.

The NGEU bond turned out to be a non-opportunity for a number of the world’s major investment banks, as Global Capital first reported. The European Commission has excluded from the deal up to 10 banks that have been found guilty in the past of violating EU antitrust rules. Major American banks – including Citi, Bank of America and JPMorgan – were notably on the exclusion list. But it also contained a number of European banks, such as Deutsche, Natixis and UniCredit.

BNP Paribas, DZ Bank, HSBC, Intesa Sanpaolo and Morgan Stanley were the roles assigned as joint lead managers, with Danske and Santander as co-managers. Scheidig of DZ Bank said that “the fact that on a deal of this size and importance, three of the five prospects were from central Europe, with a UK bank with a strong Asian presence and a US bank, as well as two European co-directors, shows the power of the European banking system.

Clive Horwood is editor-in-chief and deputy director general of OMFIF.

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Liverpool silent on Olympic participation of Salah – Gharib Tue, 15 Jun 2021 00:53:26 +0000

The Reds have yet to respond to the Egyptian FA regarding the talismanic striker’s participation in this summer sporting event

Liverpool have yet to confirm Mohamed Salah’s involvement in the Tokyo Olympics football event, according to Egyptian Under-23 coach Shawky Gharib.

The Egyptian Football Association had sent a message to the Premier League team to declare their willingness to see the striker participate in the sporting event.

However, the Pharaohs plans could be shaken as the Reds have not responded on whether the two-time African player of the year will be cleared for the competition which is set to begin in July.

“We have not received a definitive response from Liverpool regarding Salah’s participation in the Olympics,” Gharib told El Mehwar TV by Kingfut.

“The EFA also did not inform us of the rejection of our request.

“When a new development takes place, we will be officially notified directly. “

Salah and Arsenal star Mohamed Elneny are the only over-aged players included in the North African country’s preliminary squad for the men’s soccer tournament.

The event’s football competition is typically held between national Under-23 teams, with the caveat that countries may call up three players who have passed the age limit as senior party members.

If Salah were to eventually appear in the Tokyo games, he will not be available to manager Jurgen Klopp from July 23 to August 8 and will miss both the preseason and the first weeks of the 2021-2022 campaign.

Ahmed Megahed, who is currently in charge of Egypt FA on an interim basis, had revealed that the former AS Roma was eager to take part in the competition.

“We have sent a message to Liverpool management to announce our willingness to call Salah in Tokyo, they responded by saying that they would discuss the situation with the player,” Megahed told Egyptian TV station. MBC MASR.

“I can say Salah wants to play in the Olympics, he wants to help Egypt, and I hope Liverpool will say yes.”

The Olympics were originally scheduled to take place in 2020 but had to be postponed for a year due to the coronavirus pandemic.

The revamped matches will officially start in the Japanese capital on July 23, but the men’s soccer tournament is expected to start a day earlier.

Gharib’s team will face Australia, Spain and Argentina, winners in 2004 and 2008, in Group C.

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